Stock selecting and indicating system



June 28, 1938.

E. R. WHEELER ET A1. 2,122,387

STOCK SELECTING AND INDICATING SYSTEM Filved Jan. 20, 1930 8 Sheets-Sheet l Z0 Gttorneg June 28, 1938.' E R WHEELER ET AL 2,122,387

STOCK SELECTING AND INDICATING SYSTEM Filed Jan. 20, 1930 8 Sheegs-Sheet 2 /o in to F E. /QWHEEL f/wMfz/.Sa/Prof @Mmmm ATTORNEY STOCK SELECTING AND INDICATING SYSTEM Filed Jan. 2o, 1930 8 sheets-sheet s Hand-red Fractions INVENToRs ERM/HEL ma "ff/.Somf

TTORNEY 4June 28, 1938. E. R. WHEELER E1' AL STOCK SELECTING AND INDICATING SYSTEM Filed Jan. 20, 1930 8 Sheets-Sheet 4 June 28, 1938.

E. R. WHEELER ET AL STOCK SELECTING AND INDICATING SYSTEM Filed Jan. 20, 1930 8 Sheets-Sheet 5 Lack Heidy dei t0 Ci June 28, 1938. E. R. WHEELER Er AL 2,122,387

STOCK SELECTING AND INDICATING. SYSTEM Filed Jan. 20, 1930 8 Sheets-Sheet 6 Release/kh@ Selectzny Helay, Master /felay I *a I 99 A Ac '14199' *L gnq'xl IA um UM@ im@ EEEE EEEEEE{ EEEE EEEE EE\ LOW EEEE EEEE EE) LA EEEE EEEE EE) f' ENToRs E. WHEEL ma .d50/empf ATTORNEY June 23 1938. E. R. WHEELER .Er AL 2,122,387

STOCK SELECTING AND INDICATING' SYSTEM Filed Jan. 20,. 1930 8 Sheets-Sheet? I l l l l *E l I 5 5| 7| ISTU 134/mw225QXmZ(J4%m l I I 0 0 G 0 D u o o 0 Q 0 0 0 O 0 Q e D O QOGOBIGEIIGIGBUQUOI:OOUQOOUDOOIQOBBDODOODD D 0 0 O 0 0 D 0 O 0 0 0 G O 0 D Q 0 O 0 INVENToRs E. f?. WHEEL mwdl/o/erae 67 @www A TORNEY June 28, 1938.A E. R. WHEELER ET AL A2,122,387

STOCK SELECTING AND INDICATING SYSTEM Filed Jan. 2o, 1930 s sheets-sheet r3 figg. f4

UNITS INVENToRs E. R. WHEELER E. J. SORTORE BYW'Y ATTORNEY Patented June 28, 1938 PATENT OFFICE UNITED STATES STOCK SELECTING AND INDICATING SYSTEM Application January 20, 1930, Serial No. 422,148

12 Claims. (Cl. 177-353) This invention relates to electric signaling and indicating means and more particularly to a method of and apparatus for operating selecting and indicating apparatus in response to electric signals transmitted over a single line wire, Whereby information concerning a largeV number of different items may be visibly indicated at a plurality of distant stations.

While the invention is not limited thereto, it is particularly applicable to the posting of varying quotations or prices of a multitude of items, such as stocks, bonds and commodities, and the present description, by way of explaining the invention, will be restricted to an automatic stock quotation posting system.

The code signals corresponding to the desired quotations may be transmitted from a common point, such as a stock exchange and distributed to selecting and indicating apparatus located in brokers oilices, banks and similar places, Whereby the quotations may be posted automatically and'with a minimum of delay.

The informationconcerning each stock which it is generally desired to post upon the automatic quotation board is the open, high, low and last quotations of the day and the closing quotation of the preceding day. These quotations are termed the range andeach of these quotations involves the use of four indicating units corresponding to the hundreds,tens, units and fractional values of the stocks. It is necessary, therefore, to provide on the indicating board iive sets of indicators, each set having four indicator units and the apparatus must be cae pable of responding to the transmitted signals first to select the particular stock to be posted, second to select the particular range thereof t0 be posted and third to operate each of the indicator units of the selected range and stock to post a new price or quotation. This price or numerical value of the quotation is termed the answer Y It has been proposed, heretofore, to control the operation of a stock quotation board to post the above information'thereon, by transmitting groups of interspaced positive and negative impulses, usually three of such groups being transmitted over a singleline and each group comprising a possible ten negative and ten positive impulses. The negativeI impulses constitute one control channel and the positive impulses constitute another control channel for effecting the stock and range selecting and indicator operating functions. Two such lines are required giving a total of four control channels. The first or selecting group of positive and negative impulses i performs the stock and range selection at the quotation board. The second or restoration group serves to restore the selected indicators from their previous setting to a blank position and the third or answer group serves to reset the indicators to the new value of the quotation.

A rest period, equivalent to about ilve cycles of alternate positive and negative impulses is required after each group of signals to permit certain'transfer operations to take place. Such a system, therefore, requires a time interval equivalent to about fifty-four distinct impulses over each line for the shortest signals transmitted and to about ninety distinct impulses for the longest signals. Considering both lines, double the number of impulsesmust be employed. Since the indicator units of this prior art system are operated by a step by step movement in response to each impulse of the restoration and answer groups, it is necessary to transmit the impulses at a sufiiciently low rate of speed topermit the indicators to be properly stepped around. Such a system is disclosed in patent to Haselton et al. No. 1,890,878, granted December 13, 1932.

The stock selection, for the remote controlled quotation board systems heretofore proposed is: obtained by giving each stock an arbitrary three digit number and transmitting over three of the control channels, impulses in the selecting group corresponding in number to each of the digits of the stock designating number. 'I'he number of stocks which can be handled by a single system employing two line Wires is thus limited to 999 and since the listings on the New York Stock Exchange at the present time exceed this number, it is the practice to employ two distinct systems for each oiice, each system accommodating half of the listings on the exchange.

The use of the arbitrary number designations for the stocks also requires the conversion of the usual alphabetical abbreviations of the stock into the numerical designation. Due to the enormous number of different stocks listed, this conversion cannot be readily accomplished mentally by the transmitting operator and the automatic conversion mechanism devised for this purpose is involved and complicated. I Y

It is one of the objects of the present invention to overcome some of the above diiiiculties and to produce a stock quotation board system requiring a relatively small number of impulses for effecting the stock selecting and indicator actuating operations.

in will HHHHWHH A still further object is to produce a trans-`v mitting and receiving system requiring but a` single line Wire, which willbe rapid and dependable in operation.

A further object is to produce an automaticl stock quotation posting system which isy operable on signals of the Baudot code type.

A still further object is to provide a system lin which the quotations may be recorded upon a perforated tape or other form of signal storage device and automatically transmitted to one or more receiving stations.

Another object is to providea receiving system v in which the transmitted signals are not employed directly t'o operate the stock selecting or indicating operating apparatus but to operate control circuits for effecting these operations.

Changes in succeeding quotations of a particular stock occur more often only in the fractions value or in the units and fractions value of stock, and in such cases it is not necessary to reset the remaining indicators. Aiso many of the stocks, particularly those having the greatest volume of sales and hence most often quoted, employ only one or two letter stock abbreviations or alphabetical designations. In the quotation systems heretofore employed, it has been necessary to transmit, in each instance, a stock selecting signal corresponding to each o-f at least three figure or letter stock designations, or to allot line time for such signals irrespective of the actual number of characters in the particular stock designation. It has also been necessary either to transmit a signal for each of the hundreds, tens, units and fractions indicators of the stock or to allot line time equal to such signals, regardless of Whether or not it is desired to change the setting of the dials corresponding to each of the hundreds, tens, units or fractions digits of the quotation.

It is, therefore, another one of the objects of the present invention to increase the rate o'f transmission ofthe stock selecting and indicator operating signals by providing a system in which it is necessary to transmit stock selecting and indicator operating signals and to allot line time for signals corresponding only to the actual character of the alphabetical stock designation of the particular stock, and to the digit of the quotation in which the change occurs from the previous quotation.

Other objects and advantages will hereinafter appear.

,In accordance with our invention We employ a single line Wire for transmitting the information to be posted at the indicator boards. Several boards may be operated from a single line and through the use of the usual type of telegraph repeaters the-,signals may be repeated to any desired number of lines, each o f which may serve l to operate a number of quotation boards. The

signalsmay be transmitted directly to the line by a keyboard transmitter or they may be recorded upon a perforated tape or other type of storage transmitter and be supplied thereby to as many outgoing lines as there are groups of quotation boards to be operated.

We employ a system of transmission utilizing a Baudot code or uniform impulse code composed of a uniform number of impulses of uniform length and intensity for each character, the impulses being arranged in different combinations of positive and negative polarity.z The signals are composed of a suflicient number of impulses to give an individual code combination for each character to be transmitted or for each special function to be performed by the quotation system.

j Preferably, We employ a six unit code Which provides a total of sixty-four separate character combinations Which can be transmitted. 'Ivvo of these combinations, namely, six negative and six positive impulses cannot be employed for the selection of characters, leaving sixty-two useful character ,combinations which may be allotted vas follows:

26 letter character combinations,

4 code combinations for controlling the yesterdays close, open, high and low sets of indicators,

4 hundredsI digit combinations,

10 tens digit combinations,

10 units digit combinations, and

l8 fractions combinations.

With the allotting of the code combinations in this manner We are able toA transmit a different character combination for each digit of the hundreds, each digit of the tens, each digit of the units` and each digit of the fractional values of the quotation so that thedigit 1 for instance, in the hundreds position, Will have a diierent code combination from the digit 1 in the tens, units or fractions positions.

The character code combinations may be transmitted continuously, that is, Without any intervening signals, or time allotment between each group of character selecting impulses, in accordance with the usual practice of multiplex telegraphy, ora start-stop system of transmission may be employed, in Which case a start impulse is transmitted before each character code combinationv or before each of a group of character code combinations, and a stop impulse is transmitted following each character code combination or each of such groups of character code combinations.

The signal may be received by a rotary distributor either of the continuously rotating type operating in synchronism with the transmitted impulses, as through a tuning fork controlled motor or La Cour Wheel, or a start-stop distributor may be used, depending upon the nature of the signals transmitted. The distributor may distribute the impulses to relays which effect the operation of the stock selecting and indicator operating apparatus.

Preferably, however, We employ at the receiving station a primary receiving selector of the permutation type similar to that employed in printing telegraph systems operated on the Baudot or uniform impulse code and for ease in maintainingthe receiving apparatus in synchronism with the signals, we prefer to employ a start-stop Y system of transmission.

The last set of indicators is operated by every figure combination sent over .the line eX- cept following a yesterdays close signal, in which case the yesterdays close indicators only are operated. The provision of a separate code combination for each of the high 10W and open sets of indicators enables one or more of these indicators to be operatedsimultaneously with the last indicators. Y

A certain amount of editing is required at the transmitting station in order to inform Vthe keyboard transmitting operator whether or not any set of indicators' other than the last should be operated in connection with each sale recorded. The keyboard operator transmits the quotations directly from the stock ticker tape and the editor may be situated 'alongside of the keyboard operator in a'position to note on the tape, from' observation of a small quotation board placed in front of him, whether or not the sale about to be transmitted is an opening quotation and whether it is above the previous high or under the previous low of the stock. The keyboard operator is thus advised to transmit either the high, low or the open code combination prior to transmitting the gure code combinations.

YThe close may be sent to all boards after the termination of the regular market operations in readiness for the next day. As stated before, the close set of indicators are operated independently of the last indicators.

It will be understood that the keyboard transmitterV orV perforator, Yas the case may be, will have a separate key for each character combination or a total of 62 keys. The keys when depressed serve either to send out directly over a line or to perforate a tape in accordance with the six unit code, in the manner well understood in telegraphic transmission. The perforated tape, when used, passes from the perforator into a six contact tape transmitter which may be of the type described in patent to Cv. R. Benjamin #1,298,440, granted March 25, 1929, and entitled Automatic transmitter.

The tape transmitter may be placed closely adjacent the perforator in order to eliminate delay in the transmission of the indicator selecting and indicator operating signals. The contacts of the tape transmitter set up the code combination in accordance with the perforations inthe tape and supply the correct combination of positive and negative impulses to a rotary distributor by which they are transmitted to the various lines and thereby to the receiving mechanism of the quotation boards. The transmitting distributor, may be of the continuously operating type controlled by a phonic wheel or motor driven from a tuning fork or it may be driven by an ordinary electric motor with a start-stop device similar to start-stop distributors employed in simplex telegraph systems.

The signals transmitted to each receiving apparatus comprise a series of codev combinations in the following order-a code combination for each letter of the alphabetical abbreviation of the stock, a code combination for the range, i. e., for the high, low, open or close sets of indicators when such indicators are to be operated and a code combination for the hundreds, tens, units and fractional values of the quotation in which changes occur from the previous quotation. The receiving apparatus must respond to these code combinations to (1) select the stock, (2) select the range and (3) to operate the indicators of the range and stock selected.

For this purpose we prefer to employ a primary receiving selector of the start-stop type,

ywhich responds to each of the code combinations to close one of sixty-two different control circuits associated with the boardV mechanism. These circuits control the stock selecting, range selecting and indicator operating mechanism.

Briefly, the primary receiving unit may comprise an arrangement of notched code disks, a separate disk being provided for each impulse of the unit code. The code disks are shifted in accordance with whether positive or negative irnpulses are received so as to assume for each code combination, one of a possible sixty-two different relative positions. In each position of the code disks there is a single set of notches in alignment. A group of sixty-two contact control bars are ,disposed on the surface of a cylinder around the code disks and are urged towards the notches therein by springs attached to each control bar so that in each position of the code disks one of the control bars is enabled toenter the aligned notches. The movement of the control bar into the aligned notches closes an electrical contact and thereby establishes one of sixty-two control circuits which extend from the primary selector to the selecting and indicating mechanism.

The start impulse operates a line magnet associated with the primary receiving selector to set a cam shaft into operation for shifting the code disks in accordance with the six succeeding impulses, constituting the character code combination. The stop impulse brings the cam shaft to rest in readiness for the next group of signal impulses.

The rst function to be accomplished by the mechanism of the quotation board is to select from the several hundred individual stocks that are listed, the particular stock, the quotation of which it is desired to post, and to prepare a circuit for the indicator units thereof. For example, at the stock exchange or at the central transmitting point, quotations are transmitted as sales occur for each of the thousand or more stocks listed on the exchange. In any p-articular brokers cnice, a quotation board is provided with facilities for posting the quotations of only a limited number of stocks in which the broker or his customers are particularly interested. Such a board for instance, may provide for the posting of two hundred or more stocks. The stock selecting mechanism must be so constructed that it responds only to signals corresponding to stocks for which provision is made on the particular board and to select the particular set of indicators o-n the board which correspond to the stock, the quotation of which it is desired to post.

The primary receiving selector has twenty-six letter contacts corresponding to each letter of the alphabet. A three segment commutator having a rotating brush is associated with the receiving selector sothat the brush will be stepped around over one segment for each letter code combination received. A master relay is provided for each stock appearing on the quotation board, the function of which is to complete the return circuit from the indicators selected, the master relay being controlled by one, two or three intermediate relays, depending upon the number of letters in the alphabetical abbreviation of the stock.' For convenience we have termed the relays Which respond to signals representing the first letters of the stock abbreviations, the primary selecting relays, those responding to signals representing the second letter of the stock abbreviation, the secondary selecting relays and the third group corresponding to the third letter `of the stock abbreviation, the tertiary selecting relays.

The three segment commutator controls the distribution of the circuits closed through the contacts of they primary receiving selector, in response to the first, second or third letter combinations of the stock abbreviation, to the primary, secondary and tertiary groups of relays respectively.

The master relay closes' an electrical path from the return of the magnets of each of the indicators of the stock selected, thus preparing a path to be completed by the figure code signals for operating the selected indicators. Therefore, since the stock selecting mechanism serves merely to complete the return circuit for the indicators it may be employed with any type of quotation board mechanism and is not limited to the form of board and board operating mechanism disclosed in the present application, nor is the specific arrangement of the quotation board mechanism of this application limited to the particular selecting mechanism disclosed, except in so far as each is operated in sequence by the circuits closed through the contacts of the primary receiving selector in response to the various letter or gure code combinations received over the same line.

The board mechanism is arranged so that the figure code combinations always operate the indicators representing the last quotation, eX- cept in the special case of gure signals following a yesterdays close signal in which case only the yesterdays close indicators are operated. The high, low or open sets of indicators of the particular stock selected may be operated simultaneously with the last sets of indicators by transmitting the appropriate code combination following the letter combination and preceding the figure combination.

The indicator units disclosed in this application are of the type in which the extent of movement is dependent upon the magnitude of the current and each of the figure contacts of the receiving selector is connected to a separate coding relay, which through its contacts controls the magnitude of the current supplied to the indicator units by interposing different combinations of resistances in the indicator operating circuits.

Auxiliary contacts are provided at the receiving selector for operation with the fractions contacts, for restoring the previously completed selecting circuit to normal and for placing the range selecting mechanism in its normal unoperated position.

, In order that the invention may be more vfully understood reference will be had to the accompanying drawings in which:

Figure 1 illustrates the keyboard arrangement of the keyboard perforator;

Figure 2 is a diagrammatic illustration of the tape transmitter;

Figure 3 is a perspective View of the primary receiving selector;

Figure 4 is a fragmentary View of a contact control bar and one contact of the primary receiving selector;

Figure 5 is a circuit diagram illustrating the stock selecting mechanism and the code relays for the indicators;

Figure 6 is a circuit diagram showing the arrangement of the current controlling relays by which the variations in current supplied to the indicators is obtained;

Figure 7 is a circuit diagram showing the arrangement of the indicators at the board and the operating circuits therefor;

Figure 8 is a circuit diagram showing each of the circuits completed through the contacts of the receiving selector;

Figure 9 is a diagrammatic view of one of the indicators and the operating circuits therefor;

Figure 10 illustrates the arrangement of the indicators on the indicator board;

Figure 11 is a table showing the letter and range code combinations;

Figure 12 is a table showing the figure code combinations; y

Figure 13 illustrates a portion of the perforated tape, perforated in accordance with a number of quotations;

Figure 14 is a diagrammatic illustration of the essential elements of the primary receiving selector;

Figure 15 is an elevational View of the code disks and the contact bars cooperating therewith; and

Figure 16 is a fragmentary view showing the arrangement for operating the code disk-selecting ngers.

Referring first to Figure 1 we have shown a keyboard perforator 20, the imperforate tape 2l entering the perforator at one side from a reel 22 and emerging at the opposite side, Aas at 23, with transverse rows of perforations therein corresponding to predetermined signal combinations. 'I'he keyboard perforator has facilities for providing sixty-two distinct combinations of perforations of six units' each and for this purpose is provided with fifty-eight character keys and four range keys. The fifty-eight character keys comprise twenty-six letter keys arranged in three horizontal rows 24, in a manner similar to the standard layout of the keys of a typewriter and thirty-two figure keys arranged in four vertical rows 25, 26, 2l and 28. There are four keys in row 25 corresponding to the 0, 1, 2 and 3 digits of the hundreds value of the stock. Ten keys are provided in each of the rows 26 and 2l, corresponding to each of the tens and hundreds digits and eight keys are provided in row 28, corresponding to the fractional values, in eights. Four range selecting keys are arranged in a horizontal row 29 and control code combinations for selecting the open, close, high and low sets of indicators at the quotation board. The ticker tape 30 passes from the ticker, not shown, to. adjacent the perforator and the keyboard operator depresses the keys of the perforatorin accordance with the information contained upon the ticker tape. The keys are depressed in the order of the letter keys corresponding to the alphabetical abbreviation of the stock, the range keys, when it is desired to post quotations other than the last, and the figure keys, in the order of hundreds, tens, units, and fractions value of the quotation.

The construction of the tape perforating mechanism is well known in the telegraphic art and has not been shown in detail since it forms no part of the present invention. One form of tape perforator winch may be employed is shown in Patent 1,182,179, Krum, granted May 9, 1916.

Brieiiy the perforating mechanism consists of a series of six selecting bars and a contact bar actuated by the depression of the keys. The selecting bars determine which of a series of six punches are to be operated and the contact bar controls the operation of a contact for energizing the punch magnet. .The punch magnet Lio `punch through the paper tape. The paper tape is fed forward one space on the return movement of the punches.

In Figuresv 11 and 12 `we have illustrated a possible arrangement of the impulses forming the six unit code for each of the letter signals, the range signals and the figure signals, and in Figure 13 we have sho-wn a portion of a tape perforated in accordance with this code arrangement for a number of quotations. The large holes in the tape represent the marking or negative signals and the unperforated portion of each transverse row represents the spacing or positive signals.

The tape passes directly from the perforator Vinto a tape transmitter which is shown diagrammatically in Figure 2. The tape transmitter comprises a series of six pins 3|, oneV only of which is shown, corresponding to each of the perforations in a `transverse row of the tape. The pins 3| are urged upwardly against the tape by springs 32. A star wheel provided with a ratchet wheel 33 is rotated by means of a pawl 34 through a rocking lever 35. A bifurcated arm y."scarried by the armature 3`| of a magnet 38, has one end engaging the pin 3| and the other end engaging the rocking lever 35, in VVsuch manner that upon energization of the magnet 33 the bifurcated arm is moved downward, rst to remove the pin 3| from the perforation in theV tape and thereafter to rock the lever 35 and thus step the tape ahead to the next row of perforations.

lEach of the pins 3| is connected by a lever 39 to a contact tongue 4U so as to operate one of a series of six such contact tongues which move between a negative or marking contact bar 4| and a positive or spacing contact'bar 42. The tongues 40 are connected to corresponding segments of one ring 43 of a' rotary distributor 44. The ring 43 is also provided with a'start segment S connected to a positive source of potential and a rest or stop segment R, connected to a source of negative potential. A brushv 45 bridges the ring 43 and a solid ring 46, the latter ring being connected to the Winding of a polarized relay 41 by means of which the signals are repeated to an outgoing line 48. A second set of rings 49 and 5|) is provided for the distributor for controlling the operation of the magnet 38. Ring 49 is solid and is connected to a grounded source of potential 5| and ring 50 has a single live segment 52 connected to one end of the winding of the magnet 38, the opposite end of the winding being grounded. The rings 43 and 58 are bridged by a brush 53, operating in' unison with the brush 45.

The operation of the transmitter is as followsz- Upon release of the magnet 38, the pins 3| move upwardly and either engage the underside of the tape or pass through one of the perforations therein. The pins which pass through the perforations in the tape move their corresponding Contact arms against the marking or negative contact 4| and the pins'which engage ,an unperforated portion of the tape hold their `combination of Vpositive and negative-impulses,

depending upon the 'code combination set up through the tongues 40 of the transmitter. As the brush 35 passes on tothe contact segment R, a negative or stop impulse is transmitted to the line and simultaneously therewith the brush 53 engages contact 52 to send an impulse through the magnet 38 which in turn operates the bi- -urcated arm 35 to withdraw the pins 3| from the perforations of the tape and to feed the tape forward for the next signal combination.

The start impulse serves to set into motion the receiving selector at the receiving station so that its selecting mechanism will operate in synchronism with the six character code impulses subsequently transmitted and the stop signal serves to arrest the motion of the receiving selector at the end of the selecting operation.

The general construction of the selecting mechanism of the receiving selector is well known in the art of printing telegrams and will not be explained in detail. It consists briefly of six selecting disks 54, one for each impulse of the code, each disk having sixty-two slots or notches 55 in its periphery and mounted so as to have a limited rotation about a central axis. The six character impulses received over the line actuate the receiving selector in such manner that one or more of the disks are rotated, in response to the marking signals, to set them up in a denite relation, depending upon the particular code signals received.

The notches 55 in each disk (see Figure 4) are so located with respect to each other that for every setting of the disk six of the notches or slots line up in a single position around the periphery of the disks. A series of sixty-two levers or contact control bars 56 are provided adjacent each of these positions, each lever representing one of the sixty-two letter, range or gure signal combinations to be selected.

For each combination of the disks there is one point in the peripheries of the disk at which there will be six slots in line, which will allow one of the contact control bars to move into the aligned slots and thus close one of a series of sixty-two switches 58 arranged under the contact control bars. Each contact 58 is closed only momentarily to enable the relays associated therewith to be actuated and locked up.

The construction of the receiving selector is fully described in patent of R. F. Dirkes and E. R. Wheeler, No. 1,916,166, granted June 27,

`copending applicatl'on primarily in the use of additional stop or contact control bars and notches in the code disks, in the present case, to permit the sixty-two combinations to be utilized and in the provision of the switches 58 which are closed by the movement of the contact control bars. The rotating type Wheel, which is included in said previous application may be employed, if desired, to give a record of the signals transmitted to the receiving selector.

The receiving selector has associated with it a three segment commutator 60 having segments I, 2 and 3. The commutator is engaged by a rotary brush 6| mounted on a shaft 62 which `may be driven through a friction clutch or other form of slipvclutch from a continuously operating motor, not shown.

A stop wheel 63 (see Fig. 5) is rigidly mounted upon the shaft 62 and has three notches 64 adapted to be engaged by a stop arm 65, to hold the shaft against rotation. A magnet 65, having two windings 61 and 68 icontrolsthe operation of the stop arm to remove it from the notches 64, to permit the shaft to rotate a third of a turn andthereby to move the brush 6| over one so on for each letter of the alphabet.

segment df the commutator.

Y A latch, 69 (see Figure 5) is normally held out l engagement with the stop arm 65 by aspring T9 and is adapted to be attracted by a `magnet 1|, when energized, to lock the stop arm 65 in its upper or release position, to permit the shaft 62 to rotate continuously. IThe winding of the mag- Y.

net '|I is connected in series with the winding 61, of the magnet 66. Arlever |2, rigid with the shaft 62,77has an'inturned end '|3 which engages:V the latch 69, at the end of each revolution of thei brush, to'trip the latch and permit the stop arm Y to engage the stop wheel'63. The commutator 60 controls the distribution of the letter signals to a group of;Y stock selectingY Ysix switches corresponding to the letter selections, thirty-two switches corresponding to the figure selections and foiir switches corresponding Y to the range selection. One contact 75, of each y, letter switch, joined by a conductor 'I6 to the winding 68 Yof the commutator magnet 66 and thence',Y to a source ofY positive potential. The opposite contact 11 of each of the letterY switches 35jis connected to the windings of the selecting relays, in a manner to be hereinafter described.

One contact 18 of each of the range switches is connected directly to a source of positive potential, the opposite contacts 'I9 being connected to the windings of the range 'selecting magnets, as will more fully appear hereafter.. One contact 80 of each of the figure switches is connected by a conductor 8| through the windingl' of the Y. commutator magnet and the windingfll of the latch magnet to a source ofgpositive potential. The opposite contactsV 82 of the figure switches are connected tothe windings at a group of ligure coding magnets. 'i

The stock selection is accomplished through a series of relays correspondingin number to the number of letters in the alphabetical abbreviation of the stock.n For instance, for a stock having the abbreviation ABC, three selecting relays would be provided. 'Ihe relay corresponding to the rst letter of the stock abbreviation, namely, the A relay in the present case, is the primary selecting relay, the relay corresponding to the second letter; of thestock abbreviation or B relay, is thesecondary selecting relay, and the relayT corresponding to the third letter ofthe abbreviation or C relay, is the tertiary relay. The primary relays Yof all the stocksY on a particularr board are arranged in one lvertical group 83 and as shown in Figure 5f comprises three A relays and three; B relays. The-secondary and tertiaryselecting relays are similarly grouped at 84 and 55.,v For a stock the abbreviation of which comprises a'single letter, as A, but a single selecting relay is used, thisY relay being disposed in the primary group. vThe stocks having a two letter abbreviation require two selecting relays disposed in the primary and secondary groups. Y Y Y One end of each lref the operating or left hand .windings of the i g relays are connected by a amaca? Vconductor 86 tev the contact 'I1 ofthe A switch at the receiving-selector. Similarly the operating windings of the B relays are connected to the contact of the 3B switch by conductor 8l and 'he opposite ends of the operating windings of each of the relays of the primary groupe 83 are connected by a conductor 88 to. segment l of the commutator 60 and through the brush 6L thereof, to a source of negative potential. The return ends of the op-eratingzwindings of the selecting relaysgof the secondary group are connected by a conductor 99 to segment 2 of the conimutator 60 and the return ends of thegoperating windings of the relays of thetertiary group 85 are connectedrrby conductor to segment 3 of the commutator. Conductor 79 has the winding of a primary release relay 9| in series therewith and conductor 90 has the winding of a secondary release relay 92 in series therewith.

Each of the selectingA relays has two contact tongles 94 and 95, and corresponding front ccntacts. The locking or right hand Winding of each of the relays 83, corresponding to a single letter stock abbreviation, is connected by a conductor 96 through the Contact tongue 97 and back contact of primary release relay 9|, and through the back contact and tongue 98 of lock release relay .99, to a source of positive potential.V Similarly,

the locking or right hand winding of each of the relays 84 corresponding to a two letter stock abbreviation is connected by a conductor through the tongue |0| and back Contact of the secondary release relay 92 and thence through the contacts of the lock release relay 99 to positive battery. The locking or right hand winding of the'relays of therthree letter stock abbreviations are connected by a conductor |02 directly to the back'ncntact of the look release relay 99.

The opposite or right hand terminal of? the locking winding of each relay is connected to the tongue 95 ofthe same relay and the front contact of tongue 95 of each of the selecting relays is connected by a conductor |03 te a source of negative potential. The front contact of the tongue 94 of each of the primary selecting relays is also connected to the source of positive potential through the tongue'iof the lock release relays 9|, 92 and 9,9; The tongues 940f the primary relays, correspending to a single letter abbreviation, are con-` nected directly to one end of the 'winding' of a master relay |04. There iscne master relay provided for each stock. Theitongue '94 of eachof theY primary relays corresponding to two and three letter abbreviations is connected to thefront contact ofi-tongue 94 of the secondary selecting relays and the tongue 94 of each of the secondary relays of the three letter abbreviations connected to the front contact of tongue 94 of the corresponding tertiary selecting relay. The tongue 94 of each of the secondary selecting relays of stocks, having twofletter abbreviations, is connectedto thegwinding of the corresponding master relay |94 and the tongue 94 of each of the tertiary relays of three letter stock abbreviations is connecsed to its corresponding master.V relay. YThe opposite ends of the windings of each of the master` relaysrare connected through a conductor to a source of negatiye potential.

I'he operation of the selecting relays is` as follows: Assuming that the Vstock to be selected is designated by the abbreviation ABC. Three letter signal combinations representative of these letters are received by the receiving selector. Upon receipt of the A signal, the A switch of y relay.

the selector is closed completing a circuit from the source of positive current through the winding 68 or" the commutator magnet, thence through the A contact of the selector, to the operating windings of all of the A relays of the primary group, by conductor 88 to segment I of the commutator, on which the brush SI normally rests and through the brush 6| to a source of negative potential. All of the A relays of the primary group will be energized and will complete their locking circuits through lock release relay 99. At the same time the magnet E6 will momentarily raise the stop arm to permit the brush 6| to rotate on to segment 2 of the commutator. By the'time the brush passes on to segment 2 of the commutator the A switch of the selector will have opened so that none of the relays of the secondary group will be operated.

The circuit to themaster relay of the stock having a single letter abbreviation A will be completed at this time through the tongue 94 of the primary A relay.

Upon the receipt of the B signal, the B selecting switch will close and complete a circuit for the operating windings of` all of the B relays of the secondary group, the return circuits for these windings being completed through the winding of the primary release relay 9| and segments 2 of the commutator. The primary release relay 9| is thus energized simultaneously with the locking up of the B relays of the secondary group. The relay 9| at this time opens its contacts and interrupts the locking circuit for all relays of the primary group corresponding to a stock having a single letter abbreviation. At this time it will be noted that the master relay |04 of the stock having the two letter abbreviation AB is operated through the tongues 94 of its selecting relays and the circuit to the master relay of the stock ABC is prepared through the A and B relays. The brush of the commutator is advanced at this time on to segment 3 in readiness for the last selecting signal.

Upon receipt of the C signal and consequent closing of the C switch of the selector, all of the C relays of the tertiary group are operated, their circuits being completed through the winding of the secondary release relay 92 and segment 3 of the commutator whereby all of the locking circuits of the relays corresponding to stocks having two letter abbreviations are opened. The selecting relays of the ABC stock,` however,

are locked up directly through the contacts of lock release relay 99 and a circuit is completed through each of the tongues 94 and their contacts to the master relay of the ABC stock.

In the case of a stock having a single letter abbreviation, thecurrent to the master relay is completed through the contacts of the primary selecting relay and the primary release relay 9| as stated above, the locking circuit for this master relay being maintained since no further letter signals are transmitted. Likewise, in the case of a stock having a two letter abbreviation, the circuit to the master vrelay is completed through the contacts 94 of the primary and secondary selecting relays and the contacts of the secondary release relay 92, all of the relays corresponding to stocksV having single letter abbreviations being released upon the operation of the secondary If it is desired to employ more than three letterstock abbreviations, the number of selecting relays may be increased accordingly, and an additional release relay and segment of the commutator provided for each additional letter included in the alphabetical abbreviation.

The front contact of each of the master relays is connected to the conductor |95 and thence to the negative source of potential, `and the tongue of each of the master relays is connected to the return circuit for all of the indicators of the particular stock to which the master relay corresponds. These circuits will be subsequently traced.

After the stock selection has been completed and the selected master relay locked up, the iigure signals are transmitted to operate the chosen indicators for the hundreds, tens, units and fractional values of the stock. For this purpose we employ a number of coding relays, one corresponding to each digit of each of the hundreds, tens, units and fractions values for which there are keys on the keyboard perforator. For instance, we employ four hundreds code relays, ten tens code relays, ten units code relays and eight fractions code relays. In Figure 5 we have shown only a single hundreds, tens, units and fractions code relay, indicated at IIB, III, ||2 and I|3 respectively and on the receiving selector we have shown a single hundreds, tens, units and fractions switch, indicated at Hun, Tens, Un and Frac respectively. The contacts. 82 of each of these switches is joined by a conductor H4, ||5, IIB and ||1 respectively, to the windings of the relays IIB,

||I,|I2and||3. Y

Each of the coding relays has ve spring contacts normally held open and adapted to be closed by the armature of the relay when the relay is energized. The contacts comprise a main contact M and four coding contacts C1', C2, C3 and C4. The coding contacts each have one terminal connected to either a negative or positive source or polarity in accordance with a predetermined plan as will appear more fully hereinafter, the opposite contacts being connected by conductors to; the windings of four polarized current controlling relays which control the interpositioning of a greater or less amount of resistance in the indicator operating circuit, depending upon the polarity of the battery connected to each of the coding contacts. The hundreds coding contacts are connected by conductors IIB, ||9, |20 and |2I to the windings of polarized current controlling relays |22, |23, |24 and |25 and thence to ground G (see Figure 6).

The coding contacts of the tens coding relays are connected in a similar manner to four polarized current controlling relays |26, |21, |28 and |29 for controlling the current supplied to the tens indicators. The coding contacts of the units coding relays are connected to current controlling relays |30, |3I, |32 and |33 for the units indicators and the coding contacts for the fractions coding relays are connected to the windings of current controlling relays |34, |35, |36 and |31 for controlling the current supplied to the fractions indicators.

The current controlling relays |22 to |31 each have ve contacts Cl, Op, Hi, L0 .and La. corresponding to the close, open, high, low and last sets of indicators and each contact has a resistance |38 connected thereto. Considering the hundreds current controlling relays |22 to |25, the resistance connected to each contact of a particular relay is equal but the .resistance connected to the contacts of one relay differ from those of the others, in such ratio that by connecting the resistance 1n parallel in The contact tongues of the hundreds current controlling relays are connected by conductors high, low and last hundreds indicators respectively of each stock on the quotation board. In a similar manner the tongues ofthe tens, units'and fractions current controlling relays are connected to the corresponding indicators in the tens, units, and fractions positions, at the indicator board.

Referring to Figure '7, we have shown, diagrammatically, a complete set of indicator units for lthree different stocks namely-stock AB, stock ABC and stock B. A group of four indicator units is provided for each stock, for each of the close, open, high, low and last quotations. Each indicator unit may include one or more electromagnetic operating devices |46 by which the indicators are operated to 1a predetermined position in response to the magnitude of the current. The construction of one form of indicator which may be employed will be described in connection with Figure 9. The conductors |4| to |45, which extend from the Ytongues of the hundreds current controlling relays, are connected to one terminalofthe electro-magnetic devices |46, of the hundreds indicators, for each range selection. In a similar manner the Contact tongues of the tens, units, and fractions current controlling relays are connected to the windings of the operating units of the tens, units and fractions indicators of each stock. The return circuit for the indicator units of stock AB comprises the conductor |48, which may be traced back through Figures 7, 6 and 5, to the'tongue of the master relay of stock AB. Similarly the return circuit from the indicator units of stock ABC may be traced back through conductor |49 to the tongue of the master relay of the ABC stock and similarly the return circuits for the indicators of stock B is completed through the master relay corresponding to this stock.

' Referring back to Figure 5 it will be recalled that the coding contacts C1, C2, Cs and C4 of the coding relays were connected to the windings of the polarized current controlling relays to set the current controlling'relays in accordance with the code established through the coding relays.

The main contact M of each of the coding relays has one terminal connected by a conductor |50 to the back Contact of a last cut-out relay |5| and through the contact tongue |52 thereof to a source of positive potential. The opposite terminal of the main contact of the hundreds code relay is connected by a conductor l|53 through resistance |38 to the La contact of each of the hundreds current controlling relays. Similarly the corresponding contact of the tens, units and fractions code relays are connected through the resistance |38 to the Lw contact of figureI code combinations will be transmitted to the receiving selector corresponding to the hundreds, tens, units and fractions values ofthe quotation. Upon receiptof the hundreds signal combination, a circuit is completed from the positive battery through the winding of the latch magnet ll, winding 61 of the commutator magnet, conductor 8| to the hundreds switch contact of the receiving selector corresponding to the hundreds 'digit of the quotation andV thence by conductor ||4 kto the winding of the corresponding hundreds coding magnet ||i and to negative battery. The hundreds coding magnet Il@ is thus operated to close its contacts, and hence establishing a circuit through the coding contacts C1 to C4 to the four hundreds Acurrent controlling relays to set up the tongues thereof either against or away from the contacts CZ, Op, Hz', Lol and La in accordance with the polarity of the battery supplied tol eachof the current controlling relays. Y Y

At the same time a circuit is also completed from positive battery through the tongueand back contact of the last cut-out relay |5| conductor |50, main contact M of the hundreds code -relay and thence by conductor |53 to the resistance |38 and the La. contact of each of the hundreds current controlling relays, thence through the tongues` of certain of these relays,

(according to the setting thereof) and conductor |4| to the last hundreds indicators of each stock. The circuit for the last hundreds indicator is completed for stock ABC only, however through the return wire |49 and tongue of the master relay |64 of stock ABC andv thence from the front contact of the master relay through conductor |05 to negative potential.

The last hundreds indicator of stock ABC is thus operated, the extent of operation depending upon the magnitude` of the current suppliedto it through the combination of resistances |38, chosen by the hundreds code relay. In exactly the same manner the tens, units and fractions code relays operate the last tens, units and fractions indicators.

The operation of each of the figure .switches of the receiving selector operates Ythe commutator to reset the brush upon segment Y Thus, for instance, assuming signals corresponding to a single letter stock abbreviation to have been transmitted, the brush of thecommutator would rest upon segment 2 at the time the first figure code combination was transmitted. The closing of the hundreds receiving selector switch, completes a circuit through the latch relay '1| andthe winding 6l of the commutator magnet, thus operating both of these magnets. The latter magnet serves to raisev the stop arm 65 from the stop Wheel 63 and the former magnet through the latch 69, locks the stop arm in lits raised position to permit the commutator shaft to rotatev continuously until the brush comes opposite 'segment at which time the release arm 72 engages the latch $9 to trip it and thus restores the stop arm 65 into contact with the wheel 63 and arrests the motion of the brush upon segment The operation of the tens, units and fractions receiving selecting switches will again release the stop arm and permit it to make one revolution. The commutator is therefore, reset at the end of the transmission of each quotation with the brush on seg-- tors it is neoessaryfto restore the system to nor-l mal by releasingthemaster relay of. the stock selected. This is accomplished by providingweach of the fractions switches at the receivingselector with an auxiliary contact |66, disposed-.soasI to be closed upon the closing of the mainconto the selectingzrelays of the ABC stock. The master relay for the ABC stock is thus released and interrupts the return circuit` from theiABC set of indicators. The master relay is sufficiently slow-to-release, however to permit the fractions indicators to be set before the indicator return circuit is interrupted.

It will be noted. that figure code the last set of indicators without the necessity of any previous range signal. In order toenable the high, low, open andfclose indicators the reception of a set of tolbe operated we provide four range selecting.

relays- |62, |63, |64 and |65 corresponding respectively to the high, low, open close indicators. The windings of Vthese relays are connected to the correspondingly designated switches of the receiving selector so as to be operated in accordance with a definite range signal. Each range relay hasve contacttongues |66, |61, |63, |69 and |16. The tongue |66vpro vides a locking circuit for the relay and is con,- nected to one terminal ofthe relay winding. The frontcontacts of each ofthe tongues I66'is connected by a conductor |1| through the rcontacts of lock release relay 66, to a source of positive potential.

Referring first to the high range relay it will be noted thatthe. tongue |61 thereof is connected to the Hi contact of each of. the hundreds current controlling relays through the resistances |66 and |16 are similarly connected tothe Hi contacts of the tens units and fractions current controlling relays respectively. Inalike. manner the tonguesv |61 to |16 of the low, open and close range y relays are connected to the Lo, Op and CZ conof4 the hundreds, tens,.

tacts, respectively,Y units and fractions current controllingrelays.` The front contact of each tongue |61 of the high, low and open range relays is connected, Athrough the main contact M ofthe hundreds code relay to. conductorv thence through the back contact of the last cutou relay |5| to positive battery. Similarly the y tongues.|68, |66 and |16 of the open range relaysare connectedto `the conductor.y |56cthrough theY main. contact. of, the tens, units and fractions code relays,.re

spectively. All. of the front` contacts-of. tonguesv |61 to` |16oi the close range relay |65..are.con. nected to the front contact of the last cut-out relayI |5|. The last cut-out relay. |'5l|.-has.its

winding in series with the locking. circuitV of. theV close range relay.

Theoperation of the range selection is asfollows. If, for instance, it isgdesired toY operate either the open, high or low indicators simultaneously with the last indicators, arrange signal combination `would be transmitted-follow ing the letter signals and .preceding the iigure sig,- nais.f The range signals effect the closing of'one ofthe range switchesat the -receiving selector and thereby completes the teryT-.throughbne `of the range receivingl selector switches; and conductorV |12, |13.=or |14, to-the relay 66-causing energization thereof and thereby breaking the locking circuiti combinations automatically operates` and.

|56: andv circuit from positive bat response to the iirstzgure signal, this circuit is ccmpletedvthrough the maincontact Mv ofthe chosen hundreds code relay and the tonguesof the hundreds current controlling relays to the high, hundreds indicator of the stock selected and. upon the operation ofv the tens, units and fractions code relays, to the corresponding high" indicators ofl the particular stock selected.

At the same time, the circuitspreviously` de-l scribed for the last indicators of the stockselected, are completed directly` throughithe maint contacts Mv of thecode relaysand thelLa contacts of the current controlling relays.

The yesterdayls close indicators are ordinarily set after the transaction of business on the stock: exchange has closed for the dayr so that these indicators will be in readiness for the succeeding daysfbusiness. It is desired, therefore, to operate these indicators independently ofthe last indicators and it is for thisv purpose that we have provided the last cut-out relay |5l.

Uponthe reception of a close signal and theconsequent operation of the close range relay |65, a lockingv circuit is completed for the close" range relay through its tongue |66.andthrough the winding of the last cut-out relay |5|. The tongue of the relay |5| moves to its front` contact, thus removing thebattery connectionfrom the. maincontacts Mof eachof the code relays and applying it to the tongues |6|to |16of the close range relay and thence directly to the Cl contactsv of eachof the current controlling relays. The: succeedinggure signals serve to set the currentu controlling relays so as to interpose the correct resistances inthe circuit to the close setof indicators at the quotation board.

In Figure 8 wehave shown `the-switchcontacts of the receivingselector developedtogether. withl all ofthe circuits directly controlled thereby. AA group |16 cf conductors extends from the alphabetical contacts A to Z to adjacent each group 83, 84 and 85 of selecting relays, sothat the selecting relays may be connected-thereto in any desired combinations. The locking and releasing circuitsv of the selecting relays have been omitted for simplicity of illustration and only the circuit-com pleted-through the contacts 64 of the selecting relays to the master relays are shown, the master relays themselves being omitted-from the'draw.-I ings. The range switches of the rreceivingselector are connected by a group of conductors |16to the windings of theV range selecting relays, the circuits completed through the contacts of the range relays being arranged as described inxconinection with` Figure 5. The four hundreds see lector contacts are connected rbyargroup'of wires |11'to thefhundreds code relays-for each of the digitsl, 2,4 3, and 0. The tens selector'contacts are connected by a groupiof' wires |18 to'` the tens code relays, the units selectorswitchesby a group of wires |19 to the units coderelays and the fractions code relays. Each.` of the fractions selector switches has an. auxilin series, the return circuit of the winding of the v |82 and i33 respectively to its core and .dicator drum. A detent |98 portional to the iary contact connected by a conductor IBI to the winding of theflock release relay 99.

One terminal of the'main contact M of each of the codingk relays is connected by the conductor 59 to the iront contact of the last cut-out relag |5| and the opposite terminals: of contact M of, the hundreds, tens, units and fractions coding relays are connected to the conductors |53, |8l, which extend through the resistances |30 to the La contacts of the hundreds, tensjg units and fractions current controlling relays respectively.

The coding contacts of each coding relay. (Figure 8) have one terminal connected in diijerent combinations to the conductors |84 and H05 for the application of'battery of opposite polarities thereto, the opposite terminal oi each of the coding contacts being connected by groups of conductors |86, |811, |88 and |89 tothe windings of the hundreds, tens, units and fractions current controlling relays respectively.

The circuit diagram shown in Figure 8 has been arranged lso that this figure may be matclfied up with Figure 6 to continue the circuits to the current controlling reiays.

In Figure 9 we have illustrated one form of indicator unit which may be employed at the quotation board. The indicator comprises a drumk |90 mounted upon a horizontal shaft I9| and having the numbers 1 to 9 and 0 thereon. 'Ihe drum is mountedj behind a window |92 in the only will' be visible. A spiral spring |93 is disposed about the drum shaft and is connected to the drum'and to the shaitrso as to'urge the drum around towards the zeror'position. 'I'he drum is operated in the opposite Ydirection by a solenoid |94 having a flexible wire or cord |95 connected axial therewith. A detent wheel |91 having a series 01v ten periphery is also mounted on theside of the incomprising a roller mounted on the armature' |99 of a magnet 200 is located so as to engagein the notches Yof the detent wheel, to hold the indicator drum in a previously set position.

If a certain value of current, equivalent to one unit is passed through the winding of the solenoid |94 and the YYYdetent |98 is released, the solepositionn2. In this manner by increases of current of diierentY increments, the drum may be made tcrotate to any desired position from 0lV to 9. The spring |93 exerts a force directly prondisplacement of the drinn and acts against the :solenoid Y to alower position upon noid current.

:The current vcontrolling relays of each of the a decrease in the solehundreds, tens, units and fractions digits of the the current,

quotation control the magnitudes of suppliedYY to a particular indicator unit. Y

The Iwinding of the currentcontrolling relay and the main Contact M of one of the coding relays. The solenoid |94 and detent magnet 200 are'connected detailed description e receiving selector.

passingfaround a spindle drum or .1 spool |95 mounted on the indicator drum, co-

depressions or notches around its |94 to Y*move the drum Y of the solenoid |94 has Yone endY connected to one of thertongues such as the La,V tongue of the current controlling relays, its cir-Y cuit being completed through tl'ie resistance N38 detent magnet being completed through tacts offthe master relay |04. W

Uponfoperation of thecode relay, theVV current controlling relays are actuated previously described to set up'a particular combination of the resistances |38 in the circuit to the solenoid |94.

the con- Upon completion of the'circuit, the detent |98 is" rangement of the indicator unitsat the quotation board, each stock requiring twenty indicator units, such as shown in Figure 9.

Referring now to Figures 14, l5 and 1-5, a more will be given of the primary It comprises: a series vof code 54, corresponding in nuniber to the number of units of the code In the present instance six code disks are shown. Each code disk is mounted upon a cylinder 20|, Figure l5, so as to have limited rotation around the same in one direction against the action of a spring 202 which tends to return the disk against a stop number disks 2, 204. Each of the disksV has a number ci notches l Y W or slots in its periphery. A indicator :housing so that one gure of the drum Y ery of the code disks and are biased towards the disks by springs 205. The contact control bars are pivoted around a pivot ring 206.

The code disks are set up in predetermined combinations by the code signals and in each relative position thereof a single set of notches 55 in each of the disks, come into alignment so as to present one of the contact control bars to move into suchV aligned notches. A pair of contacts 53 are located adjacent the end of each of the contact control bars so as to be closed thereby when the bars move into the notches oi the disks.

l The1code character impulses are received over the main line W48 by arpolarized relay 201. Tn tongue of the relay 201 is connected toa grounded source of potential and the marking contact 208 is connected to one end ef the winding of a magnet 209, the opposite end of the magnet winding being grounded. Upon the reception of a marking or negative jimpulse over the main line, the magnet 209 will be energized and upon the reception of a spacing or positive impulse, magnet`209 will release its armature. Y

The code disks 54 are set up in accordance Withthe code combination transmitted over the line, by the selecting mechanism fassociated with a cam sleeve 2|0, having four cam grooves A, B, C and D. :Y l

Cam groove or track A serves to vibrate a striker bar on reed 2|| causing it to strike a selecting pin 2%2 and force it inward against the tension of a at spring 2|3, by which it is carried. Whenever the Vpin is moved inwardly it strikes one of six vertical selecting ingers 2| 4 and pushes it under one of the extension arms 2|5 projecting from., the code disks 54. 'I'he striker bar 2H is oscillated once for each of the six selection impulses; by the arm 2||i which carries a roller Y2|1 following in the cam groove or trackV A.

a roller12-20f following 1in the camtrack B. This track or groove-B isso shapedthat it will cause thebar-vZ-IB- to positionthe pin12|2.infront' of the rst or left hand selection linger at the in@ stantathe first selecting impulse is received by the'relay-Zlll The pitch or.y incline of the groove B'is suchthat the pin 212 will be moved syn.-

ohronously withrthe line impulsesso that it` will.

extreme' left' hand position during the interval of the rest and start impulses, so thatitwill be in a position opposite the firstselection iinger whenthe rlrst selecting impulse is received.

Asfpointed out above, the cam track A'causes the striker: bars2|| to vibrate once for each of thefsix selectingimpulses but inorder that the code vcharacter may be setup on the code disks itiis1necessary that' thefselection fingers should be lmovedinwardly only when marking impulses are'received while they should remain in nonselected position when spacing` impulses are re'- ceived. This distinction is effected by means of a'v rockerarm122| whichfforms the armatureof the magnet 209. The rocker; arm is pivoted at 2221'and'has one' end normally held by a spring 223in the path of a-stop pin122`4- extending from.

tlie-cam sleeve 2| 0. The opposite end of the rockerfarmfis connected bysa link.225. to acrank 226- extending under the striker bar 2H and which serves to raise the striker bar above the selecting pin 2|2 sothat it will not engage the same when moved inwardly.

The cam sleeve 2|01isfconnected to a continuously'operating driving shaft 221 byv a slip clutcht Upon theireceiptl of a character code combinationf the -iirst or startr impulse is always of. the marking variety andthe magnet 209-is energized in response thereto, thus attracting the rockery armfv22l|fand`removing the same from the path of' -tliestop pinl 224.

starts to ro-tate and at the same time the' crank- Thereupon, the cam sleeve 2 25f`1lis lowered lfrom under the striker bar 2.|.I -to position the striker bar opposite the selecting pin 2 I2.`

If'tlie next impulse; which is'tlie rstlof the selecting impulses, is a marking impulse, theA rocker arm-22|" will remainl in the same position and hence vthe `str-iker bar 2| I willremain opposite the selecting-pin 2.12. The camgroove Bwill at this instanthave positioned the pin 2-l2opposite the first-selection finger 2 I 4 and the rst notch inthe carni-groove A will cause the strikerl bar to strike the pin 2|'2'f= and movethe selectioniinger 2|4 under the projecting end'fof the first extension arm 2 5.

Iffthe next selecting impulsefis aspacing impulse, i. e., of positive polarity, the magnet' 209 will freleasetlie'v rocker arm 22| and the. link 225,

uponmovement to the right', willraise the strikerv ibar 2 Il' above theselecting pin 2|2. Accordingly when-'the 'camv groove A causes the Striker. bar to againmo-ve inwardly at the instant of the second impulse it-vwill not engage the pin 2|2- and hence the selectionliinger 2|'4 `will remain in a nonisel'ected position. In this manner the six selectioni'ngers willvbe pushed'inward or remain in outwardnongselected position inaccordance with,

themarking and spacing impulses` of the code character.

Before the.- six selectionfingers were positioned,

the Voffset in the cam grooveD, thereby rocking.

the triangular lever 234 (Figure 16) on its pivot 235and thereby liftingthe link 236 carrying the rod `2 Blfand the selection ingers 2 |4. The ngers whichwere selected and pushed inwardly by the pin-2H, .now lift their associated extension arms 2 |5vandzrotate the disks 54 about the stationary supporting drum 20| At the instant the disks have been shiftedin accordance with the new code combination, the follower roller. 229;'passes an offset in cam groove C,.thereby sliding the sleeve 23| to the left and permitting the contact control bars to be brought momentarily'against the disks by their retractile springs'2tl5. One bar, representing the character selected` by' the code combination, enters the aligned'l row of notches in the disks. The next instant the selectioniiingers 2|4 are all returned 245, to the oiset end of which, the return bar 238:is1:piv'oted; As thev bar 2|8 approaches the end of vits travel, the'yoke arm 243 slides froml the? end of; the. lever: 246, thus permitting' the spring 245;-to swing the yoke on its pivot until thexarm. 243engages the right` hand side of the bar'x2'4l. Whenthe bar 2|8 moves on its return' stroke, towards the left, the yoke arm 243 pushes the lever Varm 2M,A causing the return lever 238 to move-forward and pull the selecting fingers 2|4 back',totheirsinitialposition. The yoke arm 242 then-.strikes the abutment 244`androcks the yoke oir-its pivot-until the end 243 again slips over the topofsthe lever arm1246.

In'cases where thechange fromv the preceding quotation: .differs only in. the fractions values,

onlya single figure combination correspondingI torthe new. fractionslvalue needbe transmitted andfwliere'suchrchanges` occur for a stock having av high or low quotatiomitis necessary to trans-n mit eight code signal combinations.v Since yeach.

signal combination involves eight impulses, counting thev stop and start impulses, the minimum number of impulses which will: effect a.

posting; of a. quotation issixteen and the maximum is: sixty-four. thafractionsfandz-units. digits and the stockshav- Most changes occur onlyin.

ing the greatest volume of sales are ordinarily designated by short abbreviations or letter designation so'that the average number of impulses required for posting a quotation is relatively low.

- The transmitted impulses are employed only for vsecond of line time is required and with the minimum signal, only about one fth of a second, line time is required. The time required for transmitting an individual quotation is therefore short and the system is capable of high speed operation.

Where transactions occur at the stock exchange at a faster rate than a single operator is able to transmit the same, a number of perforators with individual operators may be employed and the tapes for each perforator used to transmit over a single line in the manner well known in multiplex telegraphy.

The use of asix unit code permits a separate code signal combination to be employed for each lof the letter and range signals and for each figure in each position thereof, so that the quotation board may be operated with a minimum number of transmitted impulses and over a single line.

The number of code combinations available allow only four for the hundreds digit and` permit the posting of stocks having quotations in which the hundreds digit does not exceed 3. There are relativelyfew stocks, the hundreds digit of which exceeds this ligure and in such cases the hundreds digit may be posted by hand at the indicator board. In case the high and low is automatically posted at the board, as described in Patent No. 1,952,513 granted March 27, 1934, to Reynolds, and entitled Quotation board indicating apparatus, code combinations corresponding to the high and low range are not employed and may be used for the hundreds digits 4 and 5.

However, if it is desired to post still further information suc-h as the volume of sales, the number of units of the code may be increased tol seven, thus giving one hundred and twenty-eight diiTerent code combinations, of which all but two are available for operating the switches of the selecting relays.

Itl is proposed in the near future to replace the present type of step-by-step stock ticker with a high speed permutation start-stop type of ticker operating on a Baudot code of siX units in addi- .tion to the start and stop impulses, or in other words, on signals. of the same general type and number of impulses as our above described quotation board system. It should be noted, therefore, that by modifying the ticker signals. to pro- :vide a separate signal for each numeral in each digit position, our system may be operated directly from. said tickersignals without an intermediate transmitting operator, means being provided where high, low and opening quotations rare to be posted to do so automatically from the 'ployed without departing from the invention and WeV contemplate all such changes as come within the spirit or terms of the appended claims.

For instance, it will be readily appreciated that in place of having the indicia on the indicator dials, forY direct observation, the dials may be provided with type Vcharacters so as to serve as type Wheels for printing the quotations on strips of paper, as shown for instance in patent to Wiley, No.'373,508, granted November 28, 1887, or as shown in patent to Gallagher, No. 752,059, granted VFebruary I6, 1904, and in the specification and claims, the term indicator is used to include either a direct reading dial or a printing dial or wheel for producing a printed record of the quotation.

What we claim is:

l. In a quotation system a set of digit indicators of the type adapted to be operated in response to the magnitude of the current supplied thereto,

a plurality of current controlling relays associto each position of each indicator of the plurality, a plurality of relays operated through said contacts, and means comprising circuits closed through the contacts of said relays for operating said indicators.

3. In a quotation system a set of indicators for each quotation to be posted, each indicator having a plurality of operated positions, a separated operating circuit for each of said indicators, a receiving permutation selector responsive to received permutation code signals and having a Contact individual to each permutation received, and means actuated by the closing of a predetermined one of said contacts for selecting a particular indicator of the set and operating it over said circuit into one of a plurality of operated positions.

4. Iny a quotation system, an indicating unit comprising a dial having indicia thereon, means magnetic device responsive to variations in current strength to vary the setting of said dial and means for controlling the amount of current supplied to said electro-magnetic device, comprising ar circuit for said device, a plurality of polarized relays, resistances associated with said relay contacts, and a single coding relay corresponding to each indicum of said ydial for effecting the operation of said polarized relays, to introduce said resistances in definite combinations in said circuit.

5. In a quotation system, a plurality of groups of indicators at a receiving station, a selecting system for choosing a particular group of indicators, operating means for said chosen indicators and means controlled by signals of the permutation code type having a certain number of selecting conditions transmitted to said receiving station, for operating said selecting system, said last means being controlled by other signals having the same number of selecting conditions as said first mentioned signals but differently permuted therefrom, for operating said indicators into a predetermined one of a plurality of positions.

6. Ina quotation system, a receiving station 

